We may have a short consolidation period whilst we wait for the SMA's to complete their moves, however downside seems to be present for this pair on a mid to long term basis based off of the death cross beginning to form on the daily time frame between the 50 and 100 SMA's.
Further we have a clear rejection on the fibonacci retracement scale, acting as...
Sold USDCAD but idea was removed due to breaking house rules- have reuploaded, we sold after NFP numbers looking for a repeat of USDCAD pattern we saw in early 2017 and a retrace back to 1.28-1.29 area.
The big picture on USDCAD is useful to get an idea of what may be probabilities on lower time frames. There are some unusual goings on at a 1D time frame, one I've never seen before.
So, I'm stalking this one closely for a trend change.
Monthly - bottom zone and Lower Lows
Weekly - Sellers have taking over the trend + Strong BEARISH engulfing candle close
Daily - Look into entering short next week after a pull back and then re enter.
Precise entry on 4HR & 1HR time frames.
Risk no more than 2%
USDCAD Daily gave us a clear bearish engulfing in a trend line support area... It is a clear indication of reversal... The two hour chart has also given us a reversal bearish engulfing on support meaning it is time to enter short! I believe this trade is a opportunity with profit ratio of 1:3...
Always keep your risk management in check!
Currently short usdcad after showing inside candle on the four hour and shooting star on 2 hour time frames around a descending trend line which could be a strong barrier for this pair as it is currently bearish in my opinion. Targeting 1.3000 lows
i am currently short on usdcad after breaching, retesting and closing below the retest with a bearish engulfing. price has since retreated to retest a key level so we will see how this goes. expected strong Canadian data out later today also was part of my thinking for this trade so we will see how this goes.
After the release of news yesterday we seen the U.S Dollar move lower surrounding speculation and uncertainty.
I have broken down this pair looking at it long term and we have two scenarios
1. A possible rising wedge, a break of support "1.2900" and we will have a clear bearish continuation with sellers looking to break "1.2500" and then attack "1.2000"
Nice and simple first trade setup that i'll be posting on tradingview hope to continue and grow a healthy following, for each chart i'll be breaking down the steps and processes in which i took to conclude which ever idea i'm showing in bullet points allows the reader to understand it alot easier - Simple strategy breakdown and history i'm a Price Action Trader...